Ascendis Pharma Reports Fourth Quarter and Full-Year 2025 Financial Results

Core Insights - Ascendis Pharma is entering a growth phase, aiming for approximately €500 million in operating cash flow in 2026 and at least €5 billion in global annual product revenue by 2030, driven by its TransCon platform and a growing pipeline of differentiated programs [2][3]. Financial Performance - Q4 2025 product revenue reached €240 million, with full-year 2025 product revenue totaling €684 million, reflecting significant growth compared to €364 million in 2024 [4][7]. - Operating profit for Q4 2025 was €10 million, with cash flow from operating activities amounting to €73 million [4][9]. - Total revenue for 2025 was €720 million, a substantial increase from €364 million in 2024, primarily due to the growth of YORVIPATH [6][7]. - The company reported a net loss of €34 million for Q4 2025, compared to a net loss of €38 million in Q4 2024, and a full-year net loss of €228 million, an improvement from €378 million in 2024 [13][22]. Product Highlights - YORVIPATH (TransCon PTH) generated €187 million in Q4 2025 and €477 million for the full year, with over 5,300 unique U.S. patient enrollments [5][8]. - TransCon CNP is under FDA Priority Review, with a PDUFA action goal date of February 28, 2026, and a marketing authorization application submitted to the EMA [4][5]. - SKYTROFA (TransCon hGH) revenue for Q4 2025 was €53 million, with full-year revenue of €206 million [5][8]. Research and Development - R&D expenses for Q4 2025 were €78 million, slightly down from €79 million in Q4 2024, with total R&D expenses for 2025 at €304 million [10]. - The company is conducting ongoing label expansion trials for TransCon PTH and has initiated a Phase 3 basket trial for additional indications [9][10]. Strategic Collaborations - Ascendis Pharma is engaged in a multi-product collaboration with Novo Nordisk for therapies based on TransCon technology, with the lead program, TransCon Semaglutide, expected to enter clinical trials [9]. - The company has also announced that YORVIPATH is now commercially available in Japan and received approval for pediatric growth hormone deficiency treatment in China [9].